Operatives from the Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) have taken into custody the former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, and Chief Geoffrey Ekenma for their alleged involvement in a conspiracy and fraud amounting to N3.6 billion.
The arrests of Ugwuh and Ekenma transpired on January 11, 2024, at No. 2, Musa Yar Adua Way, New Owerri, Imo State. The apprehension follows a petition submitted to the Commission by a new generation bank, outlining purported fraudulent activities connected to the company Ebony Agro Industries Ltd., with ties to the ex-Minister.
Upon thorough investigations, it has been disclosed that Ugwuh and Ekenma, who serves as the Managing Director of Ebony Agro Industries Ltd., allegedly secured a loan facility from the bank earmarked for the procurement and production of polished rice. Regrettably, the petitioner alleges that the suspects failed to fulfill their financial obligations to the bank, and despite diligent efforts to prompt repayment of the loan facility, all attempts proved futile.
The investigative process is currently underway, and upon its conclusion, the suspects, Ugwuh and Ekenma, will face charges in court. The EFCC remains committed to ensuring a thorough and just resolution to this matter.
